As the pace of global economic recovery is inconsistent, G20 members also increasing differences between the financial crisis is being eroded cohesion fostered, everything seems like the media comment as: G20 only fair-weather, hard to total wealth. As the situation changes, G20 issues of concern to many changes have occurred.

As we all know, are the G20 exchange rate issue has been an important but difficult subject, in the past, the primary blame for the object, it is RMB. While in April this year when the busy out of the crisis as soon as the U.S. and Europe eager to restore confidence took a lot of differences between the degree of concern, but despite differences between Europe and America, and ultimately can still be found on the RMB exchange rate common. That time, the United States and Europe in the RMB exchange rate issue has become more than ever united in urging China to expand imports and market opening, too, are more together than at any time for China to face more trade disputes and the endless debate on the exchange rate.

Although China before the summit in Toronto, restart the exchange rate reform, then the appreciation of the RMB back on the road, but after a number of important international occasions, such as this year’s ASEM summit in Brussels early October, 10 at the end of the world’s finance ministers and central bank governors meeting , IMF and World Bank annual meetings and so on, the renminbi is still a target of public criticism, suffered a “gang fights” In addition to the past, often put pressure on the yuan and other old European and American economic strength abroad, Brazil, India and other emerging market countries have also joined the crusade against the ranks of the RMB .

However, all this with the Nov. 3 Federal Reserve’s policy of quantitative easing open the second turning point. Thus, the United States is no longer before the United States, once the police to maintain order in the world seemed to suddenly become the destroyer of economic recovery. Before the U.S. dollar is no longer, the former “green gold” has mutated into a cute and hide the “straw.” The Fed is no longer before the Federal Reserve, the former well-respected “global central bank” has been regarded as “stealing” the culprit.

Needless to say, with the QE2 in the open, the U.S. position in the global economy is facing a severe test. This should serve as an advocate of the global economic order and the defenders of the United States, on the one hand the strong appreciation of the RMB, G20 member states required to limit the current account surplus, on the one hand it vigorously in order to stimulate its economy is once again printing money, artificially low dollar exchange rate, no doubt is extremely irresponsible. More alarming is that the Fed could revive the U.S. economy for the QE2 is not certain of winning, in this case continue to invest huge amount of money amounts to a gamble, and this gamble, bet the global economy is recovery prospects.

Reference to the first round of the effects of quantitative easing policy can be considered, the additional liquidity into the real economy will not quickly, but the inflow of financial institutions and overseas, birth of a new asset bubble, and there may be future U.S. and global inflation out of control foreshadowed. From the current situation, the United States the “weak dollar” policy has been the formation of a chain reaction in the world, emerging economies, some recent national collective sharp appreciation of currencies, causing the government and monetary authorities of these countries of great concern because it has affected exports to these countries even the overall economic development. Particularly strong for those countries dependent on exports, the dollar continued depreciation of the economic pain has been unbearable people.

With mid-term elections over and the QE2’s introduction, the United States rely on the efforts of the global oppression of RMB appreciation has declined. Although the United States put pressure on the yuan will continue, but at the international level is no longer a spectacle. U.S. unpopular move, prompting the main contradiction in the current international liquidity caused by changes in the QE2 for the other countries of the impact of the proliferation of which makes dollar check appreciation spam will replace the beat become an important issue G20 summit.

Therefore, including the European Union, China, Russia and the emerging market countries have started massive quantitative easing policy of the United States questioned. After all, if you can not check the spam dollar, the global monetary and exchange rate system will be trapped in a “disorderly devaluation” of the turmoil, and may result in the new currency around the world wars and trade wars, turmoil in the global economy is difficult to get out and the imbalance of critical situation.

In order to fight against the autocratic U.S., China can become the “meat and potatoes” in the G20 summit, Germany, France, Britain and China and other countries want to communicate with macroeconomic policies, coordinating the position of the G20 summit, as “group assault, “U.S. cliques. In this regard, Wen Wei Po in Hong Kong recently has commented that the United States and other G20 members on the current account surplus and deficit limits and the Federal Reserve Board at the second round of the quantitative easing policy issues such as strained, will be filled with the smell of gunpowder led to the summit, seems once more together developed and emerging countries counter the U.S. “G19 1” meeting.

Of course, even if the G20 summit in a “gang fights” dollar situation, nor does it mean pressure of RMB appreciation will be slow. Moreover, if the mere current national “gang fights” dollar to assert that “the dollar has declined,” inevitably seems premature. But this at least shows dollar’s international status and prestige, has cracks. This will aggravate the distortions in the global monetary conditions, speed up the “Jamaica system” collapse and reconstruction of international monetary order. After all, whether the implementation of double linked “Bretton Woods”, or a floating exchange rate system, “Jamaican system”, in essence, are relying on a single currency as the international economic system stabilizer. Now, the dollar’s decline, making the single currency as the era of public goods is coming to an end, the future of the international monetary system will be jointly supported by all major currencies. In this regard, World Bank President Robert Zoellick also think that should create a new system, which needs to include the U.S. dollar, euro, yen, sterling and after the reform of RMB.

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